Members must extend or originate credit to consumers, retailers/dealers and manufacturers of recreational boats and equipment. many nmla members provide marine retail and floor plan loans to clients and some also extend commercial or capital financing for marine businesses.. “the dealer that is managing his inventory with precision and turns his inventory quickly is really the dealer that’s going to succeed and attract capital from banks,” lax says. getting a loan lenders say the secret to obtaining floor plan financing really isn’t a secret at all.. Floor plan finance options are commonly used within the automotive industry at both new and used dealerships. however, not all inventory finance companies offer retail and dealership wholesale financing options. in some cases, lenders are unable to offer a floor plan financing solution that fits the needs of today’s independent dealer..
Floor plan financing is a revolving line of credit that allows a dealership to obtain financing through sba’s 7(a) program for inventory that can be titled, such as autos, rvs, manufactured homes, boats and trailers. as each piece of collateral is sold by the dealer, the loan advance against that piece of collateral is repaid.. Our floor plan financing comes with online account management tools that provide you with the ability to view, perform credit transactions, and manage your inventory online. you or key staff control who in your organization has access to view information, print reports, and perform transactions.. Dealer financial services from bb&t offers a full range of retail and dealer services and solutions for you and your clients, including dealer finance, dealer commercial services, portfolio acquisition services, recreational lending and more..
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